Announcement • May 30
Santen Pharmaceutical Co., Ltd. to Report Q1, 2027 Results on Aug 06, 2026 Santen Pharmaceutical Co., Ltd. announced that they will report Q1, 2027 results on Aug 06, 2026 Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,898, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Pharmaceuticals industry in Japan. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,316 per share. Reported Earnings • May 13
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥114 (up from JP¥104 in FY 2025). Revenue: JP¥291.6b (down 2.8% from FY 2025). Net income: JP¥37.4b (up 3.1% from FY 2025). Profit margin: 13% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 23, 2026 Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 23, 2026. Announcement • May 09
Santen Pharmaceutical Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 Santen Pharmaceutical Co., Ltd. announced that they will report fiscal year 2026 results on May 12, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.4%). Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: JP¥24.49 (down from JP¥25.32 in 3Q 2025). Revenue: JP¥72.9b (down 4.6% from 3Q 2025). Net income: JP¥7.88b (down 9.4% from 3Q 2025). Profit margin: 11% (in line with 3Q 2025). Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 08
RVL Pharmaceuticals Announces Santen Obtains Manufacturing and Marketing Approval in Japan for UPNEEQ ®? Mini Ophthalmic Solution 0.1% RVL Pharmaceuticals Inc. and its affiliates announced Santen Pharmaceutical Co., Ltd. ("Santen"), a leading ophthalmology company has obtained the manufacturing and marketing approval in Japan for UPNEEQ®? Mini Ophthalmic Solution 0.1% (generic name:oxymetazoline hydrochloride; development code: STN1013800; hereinafter the product), a treatment for acquired blepharoptosis (low-lying eyelids). This milestone expands access in Japan to the first approved non-invasive treatment for blepharoptosis, where treatment options have primarily been limited to surgical procedures. In the U.S. market, Upneeq®? is the first and only FDA-approved prescription eye drop for acquired blepharoptOS (low-lying eyelids), and continues to demonstrate strong patient satisfaction, increased adoption, and channel diversification. The superiority of the product was demonstrated in the primary endpoint - a change from baseline at 2 hours after administration in MRD-1 (Marginal Reflex Distance-1, the margin between the upper eyelid and the center of the pupil) at Day 14 after the start of treatment--in the once-daily group versus the placebo eye drop group. In addition, an exploratory analysis showed that improvement in MRD-1 persisted for more than 8 hours after instillation. No serious adverse effects or adverse effects leading to treatment discontinuation were observed during the study. In the Phase 3 clinical trial in Japan (once-daily instillation for 6 months), no trend toward strengthening of the eyelid-lifting effect or rebound effect was observed. In this clinical study, MRD-1 was defined as the distance from the center of the pupil to the upper eyelid margin, as determined from anterior segment photographs. Upneeq®? (oxymetazoline hydrochlorides ophthalmic solution), 0.1% is a prescription eyedrop used to treat acquired blepharoptosis ("low-lying lids") in adults. The product was approved in the US by the FDA in July 2020. Low-lying lids may be related to conditions such as stroke and/or brain aneurysm, Horner syndrome, myasthenia gravis, loss of the ability to move eye muscles, eye infection and eye tumors. Tell your doctor if you have any of these conditions. UPNEEQ is a type of medication that may affect blood pressure. Upneeq®? activates a muscle in the eyelids, lifting the lid for a more open and awake look. One drop daily is clinically proven to provide visible results in as fast as 5 minutes and lasts up to 8 hours. In July 2020, Osmotica Pharmaceuticals plc (due to a company name change, currently known as RVL Pharmaceuticals Inc.), entered into an exclusive license agreement with Santen, covering the continued development, registration, and commercialization rights for RVL-1201, a 0.1% oxymetazoline hydrochloride ophthalmic solution, in Japan and certain other international markets. Santen has been developing the product as STN1013800. Announcement • Dec 02
Santen Pharmaceutical Co., Ltd. to Report Q3, 2026 Results on Feb 05, 2026 Santen Pharmaceutical Co., Ltd. announced that they will report Q3, 2026 results on Feb 05, 2026 Declared Dividend • Nov 29
First half dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: JP¥24.57. Revenue: JP¥69.1b (down 3.5% from 2Q 2025). Net income: JP¥8.06b (flat on 2Q 2025). Profit margin: 12% (in line with 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Pharmaceuticals industry in Japan. Announcement • Nov 07
Santen Pharmaceutical Co., Ltd. Receives UK Approval for Ryjunea®? (Low-Dose Atropine 0.1 Mg/L) to Slow Progression of Childhood Myopia Santen announced that the UK Medicines and Healthcare products Regulatory Agency (MHRA) has approved Ryjunea®? (low-dose atropine 0.1 mg/ml), the first licensed treatment in the UK to slow the progression of myopia in children. The approval follows the European Commission authorisation and the first launch in Germany earlier this year, with additional launches in Europe to follow. Short-sightedness is rising fast among children in the UK, where many children now live with myopia, more than double the number from 50 years ago. Increased screen time, less outdoor activity, and intensive near work are putting a growing strain on young eyes. Globally, approximately one in three children and adolescents are expected to be affected by 2050. The first signs of myopia often appear in daily life: a child squinting to read the board, moving closer to the TV, or struggling to recognise faces at a distance. Myopia can affect learning, confidence, and participation in school and play. Early interventions are key to slowing progression and supporting children's eye health and wellbeing. Childhood myopia increases the risk of severe eye disease later in life. "A comprehensive approach, combining lifestyle habits, optical correction, and approved medical options, gives children the best chance to support healthy vision into adulthood." With over 135 years of experience in eye health, Santen is committed to advancing early intervention and collaboration in paediatric myopia, for happier lives and brighter futures. Ryjunea®? is a registered trademark of Santen Pharmaceutical Co., Ltd. Ryjunea®®? is indicated for slowing the progression of myopia in paediatric patients. Treatment may be initiated in children aged 3-14 years with a progression rate of 0.5 D or more per year and a severity of -0.5 D to -6.0 D. It is backed by the Phase III STAR study, showing that Ryjunea®? significantly reduced the annual progression of myopia with an acceptable safety and tolerability profile. As a low-dose atropine eye drop, administered once daily at bedtime, it provides a convenient way to manage myopia that integrates easily into a child's routine. The product is licensed from Sydnexis Inc. to Santen's Switzerland-based affiliate, Santen SA, for registration and commercialisation across Europe, the Middle East, and Africa (EMEA). It has received market authorisation from the European Commission on June 2, and now from the UK Medicines and Healthcare Products Regulatory Agency (MHRA) on October 30. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%). Announcement • Sep 01
Santen Pharmaceutical Co., Ltd. to Report Q2, 2026 Results on Nov 06, 2025 Santen Pharmaceutical Co., Ltd. announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: JP¥17.33 (down from JP¥29.61 in 1Q 2025). Revenue: JP¥68.7b (down 8.1% from 1Q 2025). Net income: JP¥5.88b (down 45% from 1Q 2025). Profit margin: 8.6% (down from 14% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 2.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥104 (up from JP¥72.59 in FY 2024). Revenue: JP¥300.0b (flat on FY 2024). Net income: JP¥36.2b (up 36% from FY 2024). Profit margin: 12% (up from 8.8% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.8%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jun 06
Santen Pharmaceutical Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Santen Pharmaceutical Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Announcement • May 15
Santen Pharmaceutical Co., Ltd. (TSE:4536) announces an Equity Buyback for 19,800,000 shares, representing 5.8% for ¥35,000 million. Santen Pharmaceutical Co., Ltd. (TSE:4536) announces a share repurchase program. Under the program, the company will repurchase up to 19,800,000 of its common shares, representing 5.8% of its outstanding shares for ¥35,000 million. The program is aimed at enhancing shareholder returns and further improving capital efficiency. The plan will be valid up to November 5, 2025. As on November 5, 2025, the company had 341,423,368 shares outstanding and 632,186 shares in its treasury. Announcement • May 14
Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 24, 2025 Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 24, 2025. Reported Earnings • May 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥104 (up from JP¥72.59 in FY 2024). Revenue: JP¥300.0b (flat on FY 2024). Net income: JP¥36.3b (up 36% from FY 2024). Profit margin: 12% (up from 8.8% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.8%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Announcement • Mar 06
Santen Pharmaceutical Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Santen Pharmaceutical Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥25.32 (up from JP¥20.72 in 3Q 2024). Revenue: JP¥76.4b (flat on 3Q 2024). Net income: JP¥8.70b (up 19% from 3Q 2024). Profit margin: 11% (up from 9.5% in 3Q 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Dec 03
Santen Pharmaceutical Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Santen Pharmaceutical Co., Ltd. announced that they will report Q3, 2025 results on Feb 06, 2025 Declared Dividend • Nov 30
First half dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.0%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 11
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥23.21 (down from JP¥23.45 in 2Q 2024). Revenue: JP¥71.6b (down 2.4% from 2Q 2024). Net income: JP¥8.14b (down 8.2% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 5.5%. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 07
Santen Pharmaceutical Co., Ltd. (TSE:4536) announces an Equity Buyback for 5,000,000 shares, representing 1.44% for ¥10,000 million. Santen Pharmaceutical Co., Ltd. (TSE:4536) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 of its common shares, representing 1.44% of its outstanding shares for ¥10,000 million. The purpose of the program is to enhance capital efficiency and improve return of profits based on a comprehensive consideration of factors such as profitability improvement and business environment in accordance with the capital allocation policy in the medium-term management plan. The repurchased shares will be cancelled. The plan will be valid up to March 21, 2025. As on October 31, 2024, the company had 347,002,868 shares outstanding and 17,019,386 shares in its treasury. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.3%). Announcement • Sep 04
Santen Pharmaceutical Co., Ltd. to Report Q2, 2025 Results on Nov 07, 2024 Santen Pharmaceutical Co., Ltd. announced that they will report Q2, 2025 results on Nov 07, 2024 Buy Or Sell Opportunity • Aug 29
Now 20% undervalued Over the last 90 days, the stock has risen 14% to JP¥1,852. The fair value is estimated to be JP¥2,318, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.08% per annum. Earnings are forecast to grow by 11% per annum over the same time period. Reported Earnings • Aug 08
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥29.61 (up from JP¥27.93 in 1Q 2024). Revenue: JP¥74.8b (up 3.3% from 1Q 2024). Net income: JP¥10.6b (up 2.1% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥1,704. The fair value is estimated to be JP¥2,139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.0% per annum. Earnings are forecast to grow by 9.8% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jul 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. COO, Corporate Officer & Director Rie Nakajima was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 02
Santen Pharmaceutical Co., Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Santen Pharmaceutical Co., Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥72.62 (up from JP¥38.60 loss in FY 2023). Revenue: JP¥302.0b (up 8.2% from FY 2023). Net income: JP¥26.6b (up JP¥41.6b from FY 2023). Profit margin: 8.8% (up from net loss in FY 2023). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Japan are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 25, 2024 Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 25, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.3%). Announcement • Mar 02
Santen Pharmaceutical Co., Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Santen Pharmaceutical Co., Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥20.15 (up from JP¥15.50 in 3Q 2023). Revenue: JP¥77.0b (up 8.7% from 3Q 2023). Net income: JP¥7.34b (up 23% from 3Q 2023). Profit margin: 9.5% (up from 8.4% in 3Q 2023). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Japan are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Feb 09
Santen Pharmaceutical Co., Ltd. Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024 Santen Pharmaceutical Co., Ltd. Revised Dividend guidance for the Fiscal Year Ending March 31, 2024. For the year, the company expects dividend of JPY 17.00 per share against previous guidance of JPY 16.00 per share. Announcement • Dec 02
Santen Pharmaceutical Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Santen Pharmaceutical Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Buying Opportunity • Nov 16
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,676, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.9% per annum. Earnings is forecast to grow by 4.2% per annum over the same time period. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥24.11 (up from JP¥73.62 loss in 2Q 2023). Revenue: JP¥73.4b (up 16% from 2Q 2023). Net income: JP¥8.87b (up JP¥37.6b from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 71%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥24.11 (up from JP¥73.62 loss in 2Q 2023). Revenue: JP¥73.4b (up 16% from 2Q 2023). Net income: JP¥8.87b (up JP¥37.6b from 2Q 2023). Profit margin: 12% (up from net loss in 2Q 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 71%. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 29
Price target increased by 7.5% to JP¥1,533 Up from JP¥1,426, the current price target is an average from 7 analysts. New target price is 12% above last closing price of JP¥1,374. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥74.01 next year compared to a net loss per share of JP¥38.60 last year. Announcement • Sep 21
Santen Pharmaceutical Co., Ltd. Revises Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 Santen Pharmaceutical Co., Ltd. revised consolidated earnings forecasts for the fiscal year ending March 31, 2024. For the year, on a core basis, the company expects revenue of ¥285,000 million, core operating profit of ¥50,000 million, core net profit for the year of ¥37,500 million and basic core earnings per share of ¥102.47 compared to the previous guidance of revenue of ¥273,000 million, core operating profit of ¥46,000 million, core net profit for the year of ¥34,500 million and basic core earnings per share of ¥94.27 provided earlier. On IFRS basis, the company expects revenue of ¥285,000 million, operating profit of ¥35,000 million, net profit for the year of ¥25,000 million and basic earnings per share of ¥68.34 compared to the previous guidance of revenue of ¥273,000 million, operating profit of ¥32,000 million, core net profit for the year of ¥22,400 million and basic core earnings per share of ¥61.24 provided earlier. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥16.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. The company is not currently making a profit and its cash payout ratio is 76%. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.2%). Announcement • Aug 27
Santen Pharmaceutical Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023 Santen Pharmaceutical Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 04
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥27.94 (up from JP¥16.79 in 1Q 2023). Revenue: JP¥72.4b (up 11% from 1Q 2023). Net income: JP¥10.4b (up 56% from 1Q 2023). Profit margin: 14% (up from 10% in 1Q 2023). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Pharmaceuticals industry in Japan are expected to grow by 4.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • Jul 25
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Outside Auditor Yaeko Hodaka was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 31
Santen Pharmaceutical Co., Ltd. to Report Q1, 2024 Results on Aug 03, 2023 Santen Pharmaceutical Co., Ltd. announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 16
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: JP¥38.58 loss per share (down from JP¥68.07 profit in FY 2022). Revenue: JP¥279.0b (up 4.8% from FY 2022). Net loss: JP¥14.9b (down 155% from profit in FY 2022). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 9.0%. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥15.51 (up from JP¥12.61 in 3Q 2022). Revenue: JP¥70.9b (up 5.7% from 3Q 2022). Net income: JP¥5.98b (up 19% from 3Q 2022). Profit margin: 8.4% (up from 7.5% in 3Q 2022). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Feb 08
Santen Pharmaceutical Co., Ltd. Revises Consolidated and Core Earnings Guidance for the Year Ending March 31, 2023 Santen Pharmaceutical Co., Ltd. revised consolidated and core earnings guidance for the year ending March 31, 2023. For the year on consolidated basis, the company revised revenue of JPY 272,000 million compared to previous guidance of JPY 280,000 million. Operating loss of JPY 6,500 million compared to previous guidance operating profit of JPY 4,000 million. Net loss for the year of JPY 15,500 million compared to previous guidance of JPY 5,500 million. Basic loss per share of JPY 40.01 compared to previous guidance of JPY 14.20.For the year on core basis, the company revised revenue of JPY 272,000 million compared to previous guidance of JPY 280,000 million. Core operating profit of JPY 41,000 million compared to previous guidance JPY 45,500 million. Core Net profit for the year of JPY 30,800 million compared to previous guidance of JPY 34,100 million. Core Basic earnings per share of JPY 79.50 compared to previous guidance of JPY 88.04. Announcement • Dec 18
Santen Pharmaceutical Co., Ltd. to Report Q3, 2023 Results on Feb 07, 2023 Santen Pharmaceutical Co., Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: JP¥73.62 loss per share (down from JP¥17.42 profit in 2Q 2022). Revenue: JP¥63.4b (flat on 2Q 2022). Net loss: JP¥28.7b (down JP¥35.7b from profit in 2Q 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: JP¥73.61 loss per share (down from JP¥17.42 profit in 2Q 2022). Revenue: JP¥63.4b (flat on 2Q 2022). Net loss: JP¥28.7b (down JP¥35.7b from profit in 2Q 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 4.6% growth forecast for the Pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 05
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥16.79 (down from JP¥18.36 in 1Q 2022). Revenue: JP¥65.5b (flat on 1Q 2022). Net income: JP¥6.66b (down 9.2% from 1Q 2022). Profit margin: 10% (down from 11% in 1Q 2022). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 40%. Over the next year, revenue is expected to shrink by 2.7% compared to a 4.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Board Change • Jul 31
High number of new directors Independent Outside Director Noboru Kotani was the last director to join the board, commencing their role in 2022. Price Target Changed • Jun 13
Price target decreased to JP¥1,302 Down from JP¥1,414, the current price target is an average from 9 analysts. New target price is 29% above last closing price of JP¥1,008. Stock is down 34% over the past year. The company is forecast to post earnings per share of JP¥61.05 for next year compared to JP¥68.07 last year. Announcement • May 12
Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 27, 2023 Santen Pharmaceutical Co., Ltd., Annual General Meeting, Jun 27, 2023. Reported Earnings • May 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥68.08 (up from JP¥17.09 in FY 2021). Revenue: JP¥266.3b (up 6.7% from FY 2021). Net income: JP¥27.2b (up 299% from FY 2021). Profit margin: 10% (up from 2.7% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.3%. Over the next year, revenue is expected to shrink by 1.9% compared to a 6.0% growth forecast for the pharmaceuticals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 15
Price target decreased to JP¥1,532 Down from JP¥1,677, the current price target is an average from 8 analysts. New target price is 42% above last closing price of JP¥1,082. Stock is down 26% over the past year. The company is forecast to post earnings per share of JP¥72.78 for next year compared to JP¥17.09 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.5%). Reported Earnings • Feb 12
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: JP¥12.62 (down from JP¥18.28 in 3Q 2021). Revenue: JP¥67.0b (up 6.6% from 3Q 2021). Net income: JP¥5.05b (down 31% from 3Q 2021). Profit margin: 7.5% (down from 12% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to stay flat compared to a 5.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥17.33 (vs JP¥19.09 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥63.8b (up 4.0% from 2Q 2021). Net income: JP¥6.93b (down 9.1% from 2Q 2021). Profit margin: 11% (down from 12% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 30 November 2021. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (2.1%). 
